Trafigura takes full control of Trafigura Zimbabwe

The Swiss commodities trader Trafigura, a 49% shareholder in Trafigura Zimbabwe, confirmed on Tuesday, 4 February that it intends to acquire the majority stake (51%) of its local partner Sakunda Holdings, a Zimbabwean company owned by businessman Kuda Tagwirei, who is reputed to be close to President Emmerson Mnangagwa. « This will provide greater clarity on Trafigura’s activities in the country and an opportunity for more robust financing of Trafigura Zimbabwe, which should improve the security of fuel supply in Zimbabwe, » Trafigura said in its statement. However, the amount of the transaction was not specified. The group also recalled that the transaction was still subject to approval by the Zimbabwean regulator.